Wednesday 31 March 2010
Indonesia Bakrieland says debt talks with Dubai firm delayed
Indonesia's PT Bakrieland Development (ELTY.JK), the Bakrie Group's property arm, said on Wednesday that talks with a Dubai property firm over a $110 million strategic investment have been postponed again.
Bakrieland in 2008 agreed to sell a 30 percent stake in its subsidiary, PT Bakrie Swasakti Utama, to Dubai World's property arm, Limitless Holding, for $110 million but so far, the Dubai company has only paid $37 million.
At the time of the deal, which took place at the height of the global financial crisis, the Bakrie Group faced financial difficulties.
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